Air Liquide is buying Airgas for $13.4 billion

Air Liquide SA is buying Airgas for $143 per share in cash, the
companies announced on Tuesday.

The deal gave Airgas, an industrial gas supplier, an
enterprise value of $13.4 billion. Paris-based Air Liquide
SA paid about a 40% premium to Airgas' closing price on Monday.

Shares of Airgas surged by as much as 29% after a trading halt
for news pending was lifted.

Bloomberg had reported that Air Liquide SA was in acquisition
talks to create the world's largest supplier of industrial
gases.

"This combination offers significant benefits for all of
our stakeholders due to the highly complementary nature of the
two businesses," Air Liquide CEO Benoît Potie said in a
statement. "It also advances Air Liquide’s vision to lead the
industry and deliver long-term performance while acting
responsibly. This acquisition increases our geographic
reach in the resilient U.S. market, and offers continuous growth
opportunities."

The deal has been approved by the boards of both
companies.

It gives Air Liquide a share of the US natural gas
market, and the company expects its gas and services sales would
increase by about 30%.

Air Liquide expects to gain about $300 million in cost and
other synergies.

Goldman Sachs and Bank of America are acting as financial
advisors to Airgas. Barclays and BNP Paribas are advising Air
Liquide.